The claimant appealed dismissal of his claim for damages for breach of trust. The respondent had administered his pension, a ‘small self-administered scheme’. The regulations required a pensioner trustee who took on specific duties. He had been persuaded by a crook to appoint the defendant to act, knowing that it was intended to draw from the scheme unlawfully, by pretending to be an employee of a company scheme to which the assets had been transferred.
Held: The money transferred was already subject to an express trust. There was a difference between a proprietary and a personal remedy for breach of trust, the latter being affected by the knowledge of the breach in the claimant. Although the transfer of funds did not create a resulting trust, the assets were already trust assets. A beneficiary cannot complain of a breach of trust in which he knowingly participated or acquiesced. Appeal dismissed.
Judges:
Lord Justice Aldous, Lord Justice Robert Walker, Lord Justice Keene
Citations:
[2002] EWCA Civ 85
Links:
Statutes:
Jurisdiction:
England and Wales
Citing:
Cited – Stannard v Fisons Pension Trust Limited CA 1991
Fisons had sold their fertiliser division to Norsk Hydro. Acting on advice of actuaries and thinking that the fund was in deficit, the trustees made a transfer to a new fund to provide for pensions of transferring employees in accordance with a . .
Cited by:
Cited – Clark v Cutland CA 18-Jun-2003
One director discovered that his co-director had withdrawn substantial sums from the company. . .
Lists of cited by and citing cases may be incomplete.
Financial Services, Trusts, Equity
Updated: 05 June 2022; Ref: scu.167592